66.0603(1m)(b)1.1. A town, city, or village may invest surplus funds in any bonds or securities issued under the authority of the municipality, whether the bonds or securities create a general municipality liability or a liability of the property owners of the municipality for special improvements, and may sell or hypothecate the bonds or securities. Funds of an employer, as defined by
s. 40.02 (28), in a deferred compensation plan may also be invested and reinvested in the same manner authorized for investments under
s. 881.01.
66.0603(1m)(b)2.
2. Funds of any school district operating under
ch. 119, held in trust for pension plans intended to qualify under section
401 (a) of the Internal Revenue Code, other than funds held in the public employee trust fund, may be invested and reinvested in the same manner as is authorized for investments under
s. 881.01.
66.0603(1m)(b)3.
3. A school district may invest and reinvest funds that are held in trust, other than funds held in the public employee trust fund, solely to provide any of the following benefits, in the same manner as is authorized for investments under
s. 881.01:
66.0603(1m)(b)3.a.
a. Post-employment health care benefits provided either separately or through a defined benefit pension plan.
66.0603(1m)(b)3.b.
b. Other post-employment benefits provided separately from a defined benefit pension plan.
66.0603(1m)(b)4.
4. A school board may not discuss or vote on establishing a trust fund to provide the benefits described in
subd. 3. unless the notice of the school board meeting at which the discussion or vote may occur includes the issue as a separate agenda item.
66.0603(1m)(b)5.
5. A city, village, town, county, drainage district, technical college district, or other governing board as defined by
s. 34.01 (1) may invest and reinvest funds that are held in trust, other than funds held in the public employee trust fund, solely to provide any of the following benefits, in the same manner as is authorized for investments under
s. 881.01:
66.0603(1m)(b)5.a.
a. Post-employment health care benefits provided either separately or through a defined benefit pension plan.
66.0603(1m)(b)5.b.
b. Other post-employment benefits provided separately from a defined benefit pension plan.
66.0603(1m)(b)6.
6. Funds that are held in trust to provide the benefits described in
subds. 3. and
5. shall be held in a trust fund that is separate from all other trust funds created by, or under the control of, the local governmental unit.
66.0603(1m)(c)
(c) A local government, as defined under
s. 25.50 (1) (d), may invest surplus funds in the local government pooled-investment fund. Cemetery care funds, including gifts where the principal is to be kept intact, may also be invested under
ch. 881.
66.0603(1m)(d)
(d) A county, city, village, town, school district, drainage district, technical college district or other governing board as defined by
s. 34.01 (1) may engage in financial transactions in which a public depository, as defined in
s. 34.01 (5), agrees to repay funds advanced to it by the local government plus interest, if the agreement is secured by bonds or securities issued or guaranteed as to principal and interest by the federal government.
66.0603(1m)(e)
(e) Subject to
s. 67.11 (2) with respect to funds on deposit in a debt service fund for general obligation promissory notes issued under
s. 67.12 (12), a county having a population of 500,000 or more, or a person to whom the county has delegated investment authority under
sub. (5), may invest and reinvest in the same manner as is authorized for investments and reinvestments under
s. 881.01, any of the following:
66.0603(1m)(e)2.
2. Moneys held in a fund or account, including any reserve fund, created in connection with the issuance of appropriation bonds under
s. 59.85 or general obligation promissory notes under
s. 67.12 (12) issued to provide funds for the payment of all or a part of the county's unfunded prior service liability.
66.0603(1m)(e)3.
3. Moneys appropriated or held by the county to pay debt service on appropriation bonds or general obligation promissory notes under
s. 67.12 (12).
66.0603(1m)(e)4.
4. Moneys constituting proceeds of appropriation bonds or general obligation promissory notes described in
subd. 2. that are available for investment until they are spent.
66.0603(1m)(f)
(f) Subject to
s. 67.11 (2) with respect to funds on deposit in a debt service fund for general obligation promissory notes issued under
s. 67.12 (12), a 1st class city, or a person to whom the city has delegated investment authority under
sub. (5), may invest and reinvest in the same manner as is authorized for investments and reinvestments under
s. 881.01, any of the following:
66.0603(1m)(f)2.
2. Moneys held in a fund or account, including any reserve fund, created in connection with the issuance of appropriation bonds under
s. 62.62 or general obligation promissory notes under
s. 67.12 (12) issued to provide funds for the payment of all or a part of the city's unfunded prior service liability.
66.0603(1m)(f)3.
3. Moneys appropriated or held by the city to pay debt service on appropriation bonds or general obligation promissory notes under
s. 67.12 (12).
66.0603(1m)(f)4.
4. Moneys constituting proceeds of appropriation bonds or general obligation promissory notes described in
subd. 2. that are available for investment until they are spent.
66.0603(2)
(2) Delegation of investment authority. A county, city, village, town, school district, drainage district, technical college district or other governing board, as defined in
s. 34.01 (1), may delegate the investment authority over any of its funds not immediately needed to a state or national bank, or trust company, which is authorized to transact business in this state if all of the following conditions are met:
66.0603(2)(b)
(b) The governing board renews annually the investment agreement under which it delegates its investment authority, and reviews annually the performance of the institution with which its funds are invested.
66.0603(3)
(3) Additional delegation of investment authority.